The Mikhail & Keeling partnership has the following balances on June 30, 2025: Mikhail and Keeling share

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The Mikhail & Keeling partnership has the following balances on June 30, 2025:

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Mikhail and Keeling share profits 2:3, respectively. Mikhail and Keeling decide to liquidate the partnership. Journalize the sale of the non-cash assets for $25,000, the payment of the liabilities, and the payment to the partners.

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Horngrens Accounting The Financial Chapters

ISBN: 9780137884858

14th Edition

Authors: Brenda Mattison, Tracie Miller-Nobles

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Question Posted: Apr 07, 2024 12:02 AM

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The Mikhail & Keeling partnership has the following balances on June 30, 2025: Mikhail and Keeling share

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MIKHAIL & KEELING Balance Sheet June 30, 2025 Assets Liabilities Cash Non-cash Assets $ 5,000 Accounts Payable $ 20,000 30,000 Partners' Equity Mikhail, Capital 8,000 Keeling, Capital 7,000 Total Partners' Equity 15,000 Total Assets $ 35,000 Total Liabilities and Partners' Equity $35,000

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Horngrens Accounting The Financial Chapters

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